Freestyle Credit Card - $250 Back with $1000 Spend @ MoneyMe (Annual Fee $0 - $149 | $5 Monthly Fee, if Balance More than $20)

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Drakesy on 21/09/2020 - 12:31 moneyme.com.au (667 clicks)
Last edited 19/03/2021 - 11:44 by 1 other user

Looking through credit cards and this one popped up. $250 if you're happy to take a temporary hit to the credit score although the annual fee wording seems a bit dubious. Would read through the T's&C's prior as the wording isn't as clear cut as other cards.

Limit: Up to $20,000*

Annual fee from $0 to $149 Based on your credit limit and rating
Minimum withdrawal amount is $100
Monthly fee: $5 (waived if your balance is less than $20)
Interest-free period: up to 55 days**
Interest rate: 16.99% p.a.
Credit back: $250*
Other fees and charges may apply.

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MoneyMe

• 

  Aureus on 21/09/2020 - 12:38

  +2

  Free money. Sounds good.

• 

  avoidfullprice on 21/09/2020 - 12:41

  What does min $100 withdrawal mean for this product?

  Also if the annual fee is depending on credit score, bit applying this product reduces credit score, will the fee go up afterwards? You're right, it is a bit dubious.

  I find their video ad a bit disturbing - buy things NOW - you'll get credit within minutes.

  Disclaimer: Nothing against OP.

  • 

    seanyong on 21/09/2020 - 13:18

    I think min $100 withdrawal means if you need to withdraw money from an ATM, the minimum amount will be approved is $100.

    • 

      dcep on 21/09/2020 - 20:33

      that's cash advance with interest, right ?

• 

  blighst on 21/09/2020 - 12:46

  +3

  Not free money, the annual fee is paid upfront and there's all sorts of other fees. Last time I did the maths even with the cashback, you end up behind

• 

  seanyong on 21/09/2020 - 13:30

  +4

  Just gave it an attempt:
  Got $15,000 credit
  Annual fee $149
  Monthly fee $5 (could be waived)
  Charged to your Account and payable on the first repayment date in each calendar month if your closing balance is greater than $20.

  I didn't see many benefits so I didn't proceed with the offer.

  And your title is a bit misleading. It's only the monthly charge $0 if balance is less than $20, not $0 annual fee.

  • 

    starbearer on 21/09/2020 - 13:34

    did they perform a credit check on you to get this offer?

    • 

      seanyong on 21/09/2020 - 13:37

      +2

      I just checked with clearscore, I didn't see a check record. But could be some delays in the system. If you care a lot about credit check record, I suggest you NOT to attempt as the offer isn't that good.

    • 

      jimbobaus on 05/10/2020 - 14:20

      +1

      Yes, they perform a credit check.
      it is a line of credt

• 

  brongz on 21/09/2020 - 14:33

  Monthly fee on top of (varied) annual fee? Homer don’t like it!

• 

  Aureus on 21/09/2020 - 16:15

  +3

  I signed up anyway. I was able to adjust my limit down to $1500 and got $0 annual fee.

  • 

    vikvance on 22/09/2020 - 08:31

    +1

    Can confirm this works.

    I reduced my limit down to the minimum $1000, and my annual fee also became zero.

    :-)

    • 

      vikvance on 22/09/2020 - 11:47

      +2

      Spoke too soon. :-(

      Just received an email that my application has been approved, and the limit shown in the email is at the level where the $149 fee is chargeable. :-(

      Luckily, I kept a screenshot showing the $1,000 limit & $0 fee.

      • 

        vikvance on 22/09/2020 - 14:56

        +3

        The call centre lady was nice enough.

        She said that I had been given a higher credit limit because I had ticked the box for 'give me the maximum credit limit'.

        I said that I had moved the slider back to $1,000, and did not want to pay the annual fee.

        She then quickly said that she would give me a choice to either reduce my credit limit below $3,000 (which has no annual fee), or she could waive the annual fee for the first year. I agreed to the second choice.

        • 

          FrugalDealSeeker on 23/09/2020 - 19:37

          @vikvance: Hi, thanks for the tip… For anyone wondering, I had my approved on 15th September, before they revised their policy and reduced the fees from $250 to $0 for < $3000. I had a chat to them at 7:30 pm and surprisingly someone answered and said that fee will be waived off and the charge will soon be removed from my account within a few days. Cheers!

• 

  serpserpserp on 21/09/2020 - 18:34

  What do they mean by balance? Balance at end of month? So if you pay off at end of month in full no fee?

• 

  Bytelover on 01/10/2020 - 17:13

  Got an email from cashrewards about this offer, seems pretty tempting if you can get the 0$ annual fee.
  Get card
  Buy $1000 woolies gc
  Pay off $1000
  Spend $250 on whatever
  Close account?

  • 

    watertight on 01/10/2020 - 18:16

    +2

    Or put another way….

    Buy $1055 woolies gc (actual cost is $1002.25 with 5% cashrewards discount)
    Receive $250 credit back within 3 days of reaching $1000 required min spend
    Pay $752.25 balance
    Close account

    • 

      watertight on 01/10/2020 - 18:22

      that's a tidy around $303 profit.

      • 

        Gavman on 27/10/2020 - 07:53

        Looks like woolies made all the profits

    • 

      Bytelover on 01/10/2020 - 23:16

      Yep that makes more sense! Didn't know the credit is credited so quickly.
      Sounds like a good deal to me, only shame is that I've got a new cc since a few weeks, not sure if I want to/can take the hit on my score

    • 

      thomalfa on 14/10/2020 - 12:37

      look below term… I don't think it works… but do let us know if it does work.

      Eligible purchases do not include fees, cash, cash equivalent transactions or illegal transactions, payments to charities, social service and government agencies, payments for proprietaries and sundries, streaming subscriptions, reoccurring payments or memberships, gambling, adult dating or escort services and refunds debited from the Freestyle Virtual Credit Account.

      Definition of CET
      Gift cards and prepaid cards. Most issuers consider the purchasing or loading value onto a gift card or other prepaid card as a cash equivalent transaction that is subject to the cash advance fee and interest rate.

      • 

        watertight on 14/10/2020 - 13:30

        where did you source the "definition of CET"
        Was it from MoneyMe terms and conditions?

        • 

          thomalfa on 15/10/2020 - 15:10

          @watertight: I looked it up out of interest what is a much more accurate definition of the CET.

          A few financial institutes got that or similar explanation. It may or may not relevant unless a direct call to moneyme to confirm but again I read below their staff isn't reliable to give a straight answer.

• 

  Ash-Say on 05/10/2020 - 16:04

  Will the payment at Australia Post fall under government agency?

• 

  marc171 on 07/10/2020 - 14:07

  I spoke to a customer service agent and was told that there is no restrictions to the type of purchase. I even posed her the question of whether payment of annual rates by local council will be counted, she said yes. Generally, i don't find any of them knowledgable. What are other people's experiences?

  Will bill payments be counted? One said yes, the other said no.

• 

  thomalfa on 14/10/2020 - 12:27

  Below is the T&C if anyone interested, personally I think it's quite ok… considering you got whole 12 mths to reach that $1k spend basically anyone can get that $250 back.

  BTW OP, where did you read re the monthly fee $5??? I can't find it anywhere stating that

  Terms & Conditions
  The AUD$250 credit back offer is available for a limited time only when you apply and are approved for a new Freestyle Virtual Credit Account from 1st of September 2020 and spend A$1,000 on eligible purchases within 12 months of card approval. Eligible purchases do not include fees, cash, cash equivalent transactions or illegal transactions, payments to charities, social service and government agencies, payments for proprietaries and sundries, streaming subscriptions, reoccurring payments or memberships, gambling, adult dating or escort services and refunds debited from the Freestyle Virtual Credit Account. The A$250 credit back will be paid as a statement credit to your respective Freestyle Virtual Credit Account within 3 days of meeting minimum spend criteria. Existing Freestyle customers who currently hold a Freestyle Virtual Credit Account, are not eligible for this offer. The credit back offer is limited to $250 per customer.

• 

  hoyanikon on 17/10/2020 - 12:05

  Can rego payment be counted towards eligible spending?

• 

  DerpFactory on 02/11/2020 - 19:22

  "Please select a loan reason"?
  Have I ended up in the wrong place? I just clicked 'Get offer' from the page this deal links to.

• 

  kehuehue on 05/11/2020 - 00:04

  +1

  Highly recommended. the online process was so fast, they logged into my bank account to verify salary payments, then asked for a picture with a government issued id and got my application accepted.

  got a credit card within an hour, amazing.

• 

  toobzy on 10/11/2020 - 14:50

  Can you get this card if you are unemployed?

  • 

    Drakesy on 10/11/2020 - 14:53

    Wouldn't recommend getting any credit cards if you're unemployed.
    Basically first rule of Ozbargain is don't use a rewards/cashback credit card for it's credit facility, always pay back the statement in full.

• 

  TomGum on 18/11/2020 - 08:49

  Did everyone get their $250 credit within 3 days?

  • 

    mua.x on 18/11/2020 - 15:53

    Yep it was pretty quick

• 

  brisdaz on 21/11/2020 - 16:53

  I applied in around 20 minutes.

  They asked for access to my banking credentials. I started a chat to see if they would accept it manually. They wouldn't budge so I folded due to greed.

  I changed my banking password. Gave money me it and then changed it back afterwards to be safe. Also the account I gave them only had a few K.

  Now they're coming back asking for a selfie with my government issued ID card. I'm fine with that as done with Airbnb.

  However they want bank statements from my other accounts. I'm not prepared to give so maybe wasted 15 minutes. There's limits to my greed.

  They want me to contact them but they rang me before. How long is the call queue?